Independent natural gas explorer Tamboran Resources has completed its acquisition of Falcon Oil & Gas, following definitive corporate approval from the Supreme Court of British Columbia.
The all-share-and-cash transaction firmly establishes Tamboran as the largest explorer in the Northern Territory’s highly prospective energy landscape.
By absorbing Falcon’s subsidiaries, Tamboran’s portfolio expands to approximately 2.8 million net prospective acres, securing the single largest acreage position within the coveted Beetaloo Basin depocentre.
As part of the closing terms, Tamboran issued more than 6.5 million shares of common stock to eligible Falcon shareholders. The consolidation lifts Tamboran’s total shares on issue, including equivalent CHESS Depositary Interests (CDIs), to nearly 34.9 million, elevating its pro forma market capitalisation to approximately US$1.2 billion.
With corporate integration finalised, operational focus will now shift to the company’s 2026 asset development campaign. Tamboran CEO Todd Abbott said this will be the company’s most intensive operational year in the territory to date.
“This acquisition represents a logical consolidation between the two companies and provides the combined company with the largest acreage position in the Beetaloo Basin,” Abbott said.
“Our focus now turns to the 2026 operating program, which is planned to be our most active year of operations in the Beetaloo Basin, including the drilling of at least four wells and stimulation of at least five.
“Tamboran has commenced the three‑well stimulation program on the SS2 well pad, with the wells expected to be tied into the Sturt Plateau Compression Facility during the third quarter of 2026.”
Management reaffirmed that commercial milestones remain strictly on schedule, with inaugural gas sales from the pilot project’s formal commissioning on track for realisation in the third quarter of this year.
Under the court’s final order, one dissenting Falcon shareholder opted out of becoming a Tamboran investor. Their cash settlement will be held in a blocked US financial institution account in accordance with international sanctions laws.
